US job openings rise to 8 million as labor market remains sturdy

[BumRushDaShow]

Source: ABC News/AP

October 1, 2024, 10:10 AM


WASHINGTON -- U.S. job openings rose unexpectedly in August as the American labor market continued to show resilience. The Labor Department reported Tuesday that employers posted 8 million vacancies in August, up from 7.7 million in July. Economists had expected openings to be virtually unchanged. Openings were up in construction and in state and local government.

Layoffs fell in August. But the number of Americans quitting their jobs — a sign of confidence in their job prospects — slid to the lowest level since August 2020 when the economy was reeling from COVID-19 lockdowns.

Job openings have come down steadily since peaking at 12.2 million in March 2022, but they remain above where they stood before the coronavirus pandemic hit the American economy in early 2020. When the economy roared back with unexpected strength from COVID-19 lockdowns, companies scrambled to find enough workers to keep up with customer orders.

The overheating economy caused an outburst of inflation, and the Federal Reserve responded by raising its benchmark interest rate 11 times in 2022 and 2023. Inflation has come down — from a peak of 9.1% in June 2022 to 2.5% in August. The economy proved surprisingly resilient in the face of the Fed hikes, averting a widely forecast recession.

Read more: https://abcnews.go.com/Business/wireStory/us-job-openings-rise-8-million-labor-market-114385588

[IronLionZion]

1. I blame Biden and Harris for this

[Backseat Driver]

2. Time will tell if those employers will actually hire people - I'm smelling another big 6-month adjustment downward

What does Speaker Johnson want passed by his nutcase buddies?

[mjvpi]

3. Pew research estimates that in Florida 6%, Texas 8% and California 10% of the workforce is undocumented..

Just imagine US job openings after all of those people are rounded up and deported. I’m stunned that the main stream media doesn’t point out the simple truth of what would happen to the economies in those states and the US as whole should the Republican’s wet dream come true.